Stock Exchange of Thailand (SET) is preparing to allow its users to invest in cryptocurrencies via its platform very soon. Currently, SET is awaiting approvals from the Thai Securities and Exchange Commission (SEC), which also acts as the country’s crypto regulator. The development comes against the backdrop of a notable expansion of the crypto sector in the Southeast Asian country. According to a study by crypto research firm TripleA, more than 3.6 million citizens, or 5.2% of Thailand’s total population, currently own cryptocurrency.
SET aims to launch the new service between July and September this year.
“We expect our regulator, the SEC, to give its approval very soon, and hopefully we can start operating in the second or third quarter of this year,” Pakorn Peetathawatchai told Bloomberg in a recent interview.
It should be noted that SET’s digital asset exchange service does not intend to operate as a crypto trading platform.
“Our strength has always been in investment tools, investment vehicles. We will look for a way to connect with crypto exchanges to convert cryptocurrency into fiat currency,” Peetathawatchai added.
The SET places special emphasis on introducing cryptocurrencies that have been in high demand in domestic and global markets.
Voices supporting crypto in Thailand have made their mark lately.
Earlier this month, Thailand removed the 15% withholding tax cap on crypto income, after the decision drew backlash from people.
The SEC, furthermore, is working with Thailand’s central bank to regulate crypto as an alternative payment option.
Meanwhile, the New York Stock Exchange and the Bulgarian Stock Exchange are also working on integrating crypto-related services into their respective platforms.
The current crypto market cap stands at $1.59 trillion (roughly Rs. 1,20,10,123 crore) according to CoinMarketCap.
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